The Impact of Education and Technology on Sustainability and Profitability in the Banking Sector

Abstract

The article reflects on the impact of financial education and technology on sustainable development methods for banks of the three global players (US, Europe and Asia-China) during the period between the global financial crisis and the pandemic crisis. The first two parts of the research highlight the relationships between the financial literacy and the degree of technological development of these three banking systems along with the results of other significant research on this issue. The third part of the research comprises the empirical study based on a series of indicators that can be assimilated to financial education and technological development, relevant indicators to the performance of the banking system, as well as indicators that can be assimilated to sustainability. The sample of analyzed countries contains a selection of 29 countries on three continents (USA, Europe and Asia-China) over a 12-year period between (2009)(2010)(2011)(2012)(2013)(2014)(2015)(2016)(2017)(2018)(2019)(2020). The selection of these countries was based on the fact that together they account for about 62% of the world's GDP. The empirical study was based on the use of the Autoregressive Panel Vector methodology in order to identify the inter correlations between the indicators used in the research. Thus, the impact of each variable related to financial education and technology development in the short and long term was identified. The fourth part highlights the obtained results, together with qualitative correlations that add value to the research. The paper includes a final part with conclusions by the authors